Bill Maris, formerly CEO of internet and technology group Alphabet’s GV corporate venturing subsidiary, is investing $100m in a new venture capital fund, Bloomberg reported on Tuesday.
Maris was a co-founder of GV, originally known as Google Ventures, and played a prominent role in expanding its parent company’s focus to life sciences. He left the unit in August 2016, stating that he wanted to spend more time with his family and explore new projects.
Reports later in the year suggested Maris had entered talks with prospective investors over a fund sized between $350m and $500m. He secured the capital for a $230m healthcare-focused fund called Section 32 in December but withdrew due to the plans being insufficiently inspiring.
Maris will be the sole investment partner for the new fund, which will maintain the Section 32 name and which will concentrate on healthcare and biotechnology, according to a person familiar with the plans.
The factor that got Maris to change his mind, according to the source, was finding financiers willing to put up money without requiring him to add other investing partners or locate the fund outside San Diego where he is based.
The fund is likely to close this month or in early April, the person added.